(1) This article applies where a recovery plan drawn up by an institution has been assessed under Chapter 1, including that Chapter as applied by article 24.

(2) The appropriate regulator must require the institution to review the recovery plan and make any appropriate amendment at least -

(a) once a year; or

(b) if the appropriate regulator has made a determination under article 7(4), at the intervals determined.

(3) The appropriate regulator must require the institution to -

(a) review the recovery plan where any material change has been made to the legal or organisational structure of the institution or to its business or financial position; and

(b) make appropriate amendments if such a change could have a material impact on the effectiveness of the plan or necessitate amendment for any other reason.